The report claims that although McGraw and Donahue split, McGraw maintained a relationship with Zarbo, who lives in Orlando, Fla. But McGraw's rep, Mary Hilliard Harrington, says these claims couldn't be farther from the truth.

"The National Enquirer story is full of inaccuracies and misrepresentations about Tim and Faith. We aren't going to comment on false statements that appear to have been sensationalized for the purpose of selling tabloid magazines," she tells PEOPLE.

Zarbo told the tabloid that McGraw was "like a father to him" and that he "saw me as the son he never had, and we've stayed in contact."

He adds: "I wish he could have remained as my substitute dad, but it just wasn't meant to be."